Correction to LVMH to Buy Christian Dior Couture for EUR6 Billion Story

By Matthew Dalton Features Dow Jones Newswires

French luxury conglomerate LVMH Louis Vuitton Moët Hennessy Tuesday said it would take full control of Christian Dior Couture, in a transaction that values the iconic fashion brand at EUR6 billion ($6.51 billion).

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The deal shakes up LVMH's complex corporate relationship with Christian Dior and the Arnault family, including Bernard Arnault, LVMH's founder and chief executive. The family owns 74.1% of Christian Dior, which in turn owns a controlling stake in LVMH.

Under the deal, the Arnault family is offering to buy the 25.9% of Christian Dior shares it doesn't own, valuing that stake at EUR12 billion, or EUR260 a share.

LVMH will then buy Christian Dior Couture, the fashion subsidiary of Christian Dior, for EUR6 billion, the company said.

Write to Matthew Dalton at Matthew.Dalton@wsj.com

Corrections & Amplifications

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Story corrected at 0805 GMT. Original misspelled the company's name in the headline as Chistian Dior Couture.

The deal will allow LVMH to take control of Christian Dior Couture. "LVMH to Buy Christian Dior Couture for EUR6 Billion," at 0719 GMT, the headline incorrectly spelled the company name as Chistian Dior Couture.

(END) Dow Jones Newswires

April 25, 2017 04:12 ET (08:12 GMT)